SOURCE: Progressive Care Inc

Progressive Care Inc

June 15, 2016 08:39 ET

Progressive Care Continues Year Over Year Growth With 17,500 Filled Prescriptions in May

MIAMI, FL--(Marketwired - June 15, 2016) - Progressive Care Inc. (OTC PINK: RXMD), through its subsidiary Pharmco LLC, a South Florida health services organization and provider of prescription pharmaceuticals specializing in health practice risk management, compounded medications, the sale of anti-retroviral medications and related medication therapy management, and the supply of prescription medications to long term care facilities, announces strong performance for the month of May.

PharmCo continues to post year over year sales growth. The company generated approximately $1.4 million in gross revenues on just over 17,500 filled prescriptions. This is a 22% and 28% increase respectively over the same month last year.

During the last several months, Progressive Care has been evaluating acquisition targets in a number of other health care spaces. The company identified and began negotiating terms with home health care agencies and clinics. However, the Company will not be proceeding with acquisitions of home health care agencies at this time due to new Centers for Medicare & Medicaid Services (CMS) pre-claim review demonstration procedures set to be implemented October 1, 2016.

Progressive Care expects that the new rules set by CMS will greatly increase the number of denied claims by home health care agencies, reducing the number of patients who would qualify for home health care coverage. The company believes that the new rules will also increase labor and overhead costs of operating home health care agencies by necessitating additional personnel to review, process, and adjudicate claims.

"We are disappointed by the new regulations set by CMS for home health care agencies," stated S. Parikh Mars, CEO. "While we remain hopeful that opportunities remain in the home health space, we will not proceed with new acquisitions until we see the effects of implementation on the industry. However, the Company remains on track to reach its sales and earnings goals for the year and will continue to push forward on its expansion objectives to drive long term prosperity and shareholder value."

Common Shares Issued and Outstanding:

As of June 15, 2016 the number shares of common stock issued and outstanding stood at 339,545,107 shares. This amount is net of the number of shares owned by PharmCo, LLC of 1,718,000.

About Progressive Care

Progressive Care, Inc. (OTC PINK: RXMD), through its subsidiary PharmCo, LLC, is a South Florida health services organization and provider of prescription pharmaceuticals specializing in health practice risk management, compounded medications, the sale of anti-retroviral medications and related medication therapy management, and the supply of prescription medications to long term care facilities.

Cautionary Statement Regarding Forward Looking Statements

Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company's expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. These statements include but are not limited to statements regarding the intended terms of the offering, closing of the offering and use of any proceeds from the offering. When used herein, the words "anticipate," "believe," "estimate," "upcoming," "plan," "target", "intend" and "expect" and similar expressions, as they relate to Progressive Care Inc., its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company's actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.